News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
EUR/USD Revisits Recent Lows After Hammer Formation Falls Flat

EUR/USD Revisits Recent Lows After Hammer Formation Falls Flat

David de Ferranti, Currency Analyst

Talking Points

  • EUR/USD Technical Strategy: Pending Short
  • Hammer Formation Fails To Find Follow-Through
  • H4 Lacking Bullish Reversal Signals Near Support

EUR/USDhas slipped back below the 1.2500 handle after a bullish signal from a Hammer formation failed to find follow-through. As noted in recent reports the scope for the pair’s advance was likely limited given the nearby 1.2620 barrier overhead. With reversal signals now lacking a break below the recent lows near 1.2430 may set the scene for a descent on the late August ’12 lows near 1.2250.

EUR/USD: Hammer Candlestick Falls Flat

EUR/USD Revisits Recent Lows After Hammer Formation Falls Flat

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

A string of Doji formations on the four hour chart suggested hesitation from the bulls to lead the pair higher in intraday trade. Despite the proximity to buying interest at the 1.2440 mark bullish reversal patterns remain absent. This leaves a rebound over the session ahead as questionable.

EUR/USD: Bullish Reversal Signals Lacking Near Intraday Support

EUR/USD Revisits Recent Lows After Hammer Formation Falls Flat

4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @DaviddeFe

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES